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Optional Auto Insurance Coverage to Consider

Optional Auto Insurance Coverage to Consider - If you're already alarmed by the auto insurance quote you've received for just liability coverage, you might not be interested in adding any additional types of auto insurance options. However, there are several that are worth considering. 4 Major Types Of Auto Insurance Coverage

Optional Auto Insurance Coverage to Consider

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Personal Injury Protection

Also known as PIP, this type of additional coverage is not available nationwide. However, insurance companies in some states do offer it. Basically, PIP is coverage that will pay for your medical and funeral costs if you are involved in an accident. It will also cover these expenses for anyone who is in the car with you at the time of the accident and will also cover those costs for pedestrians you injure with your automobile. The nice thing about PIP is that it doesn't matter who was at fault for the accident. This coverage will cover the bills in either case.

For most people, PIP might not be necessary, unless you're worried about maiming pedestrians with your vehicle. That's because your health insurance will normally pick up most of these costs while life insurance covers the funeral part. However, if you lack either or both of these types of insurance, PIP might be a wise investment.

Optional Auto Insurance Coverage
Optional Auto Insurance Coverage

Loan/Lease GAP Insurance (LLG)

We all know that as soon as you drive a new car off the lot, it begins to depreciate. During much of the time when you are paying off the loan on that car, its value is less than what you still owe on the loan. The bad news is that if your car is totaled in an accident you only receive the amount listed in the Kelly Blue Book. Let's say you have a 2006 Dodge Caravan and you still owe about $10,000 on the loan. The value for the car is around $6,500. If that van is totaled, you're still going to owe the lender $3,500. With GAP insurance, however, that won't be a problem. The insurance will kick in and will cover the difference so you don't have to pay it out-of-pocket.

Rental Car Insurance

Let's say you're in a car accident and you need major repair work done on the car but it's your only vehicle and the work is going to take up to 5 days to complete. What do you do? Well, you could find alternative transportation, such as the bus or carpooling with co-workers. Or if you've added rental car reimbursement insurance to your policy, you could rent a car for those five days and the costs would be covered by the insurance. Considering how expensive rental cars have become in recent years this is a nice option to have available.

Emergency Road Service

When you purchase collision and/or comprehensive coverage in most states, you can also choose to purchase emergency road service protection. For this extra minimal fee, your insurance will cover the costs of tire changes, towing services, lockout services, and other emergency auto-related expenses you might incur. This is a great option for people who are on the road a lot.

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